摘要：the recent financial crisis revealed several weaknesses in the global financial system, one of the most important being the high deg ree of interconnectedness among market participants and a lack of transparency regarding the associated counterparty exposures t he failure of Lehman Brothers in 2008, for example, caused shocks to cascade through the market for credit default swaps, severely disrupting that market and placing many other financial institutions at risk in contrast, markets that were backed by a sound central clearing infrastructure to help mitigate and manage counterparty risk per formed much better through the crisis exchange-traded products and interest rate swaps, for example, were less disrupted by the Lehman default
